Artificial intelligence in banking sector: An overview of near field communication

• Main Authors: Bhadu, Kamna, Shivnani, Tina, Babu, Jampala Maheshchandra
• Format: Conference Proceeding
• Language: English
• Subjects: Artificial intelligence; Contactless payment; Customers; Near field communication; Terminals
• ISSN: 0094-243X; 1551-7616
• DOI: 10.1063/5.0140686

The credit and debit card sector are already working hard to deliver customers contactless payment cards with “tap-and-pay”. merchant accounts, card companies, and financial institutions have collaborated to ensure that credit and debit cards, which transmit payment data wirelessly to point-of-sale terminals, are secure. through NFC, point-of-sale devices are at the frontline of customers’ minds while doing any transaction or buying something. people in our country are unwilling to accept this technology for a variety of reasons, including security concerns. NFC is a technology that is highly secure for conducting transactions, and every debit and credit card contains a little microchip known as the EMV chip. these NFC enabled contactless cards to work based on artificial intelligence technology. Purpose: During the covid-19 epidemic, cash is being rejected by an increasing number of retailers and e-commerce platforms. buyers are being urged to use tap and pay contactless cards at POS terminals, and the youth are opting for phone pay, pay tm, and google pay instead of contactless cards. it is critical to educate people about the technology and the benefits of doing so. the goal of this article is to raise public awareness for near-field communication (NFC) and artificial intelligence technologies. there are many myths concerning nfc and contactless cards, and consumers need to be communicated the truth behind these myths. almost all banks have issued contactless debit and credit cards, but customers are unwilling to use them as contactless; instead, they prefer to pay using cash. the paper focuses the awareness of NFC along with its advantages and disadvantages in the present scenario. Methodology: The information is gathered from secondary sources only. secondary data is gathered from several websites via journals, articles, and papers.